According to a source familiar with the plans, cryptocurrency exchange Coinbase is partnering with Bybit, a major crypto trading platform, to explore opportunities for tokenizing, custoding, and distributing US public and pre-IPO stocks. The ongoing talks do not involve any stake acquisition or similar deal for Bybit to enter the US, as previously reported. Instead, Bybit is planning to enter the US through a new entity, reportedly led by former co-CEO Helen Liu, with a local partner providing licensing and compliance, while Bybit provides the technology, product, and liquidity.
The discussions between Bybit and Coinbase are focused on leveraging Bybit's global reach, particularly in Asia, to provide users with access to tokenized US stocks. The partnership aims to bring US assets to a wider market, with the goal of making any asset accessible to users globally through a single app within five years. Other market participants, such as Intercontinental Exchange and Deutsche Boerse, are also exploring similar partnerships with crypto exchanges. Both Bybit and Coinbase declined to comment on the matter.